Nigeria Aims for 3 Million BPD Oil Production by 2030

Franci Nwaochei, the Chairman of the Societi Petroleum Engineers Nigeria Council, discussed Nigeria's ambition to exceed a production target of three million barrels per day (bpd) by 2030, highlighting its significance for the nation's macroeconomic stability and energy security. Speaking ahead of the 2026 Oloibiri Lecture Series, Nwaochei noted that Nigeria's current oil production levels are approximately 1.6 to 1.7 million bpd, which is highly sensitive to oil price fluctuations.

He emphasized that achieving the three million bpd target is crucial for creating stable revenue streams to finance infrastructure, healthcare, and education while diversifying the economy. Nwaochei pointed out that sustainable production will depend on intelligent asset optimization, digital innovation, and coherent policy alignment.

He also mentioned that the Petroleum Industry Act (PIA) 2021 and recent executive orders are vital for unlocking Nigeria's upstream production potential. The upcoming Oloibiri Lecture Series will focus on evidence-based strategies to reinforce sustainable reform momentum in Nigeria's oil and gas sector.